Renting a home may be more financially prudent than buying one, experts say
[ad_1]
San Jose, California — Matthew Richmond makes a good living running a successful pest control company in Northern California's Silicon Valley. "I'm living the American dream," the 32-year-old told CBS News. Richmond can afford to pursue his passion for adventure. If he wants to buy a motorcycle or dirt bike, "I can go write the check and buy it," he said. However, what he has not purchased is a home, even though he says he could afford one. "Somehow, we've been led to believe that you have to own a home in order to be living the American dream," said Ramit Sethi, host of the Netflix series "How to Get Rich." "And that's just not true. For a lot of people, renting can actually be a better financial decision." A study released last month from Realtor.com found that U.S. median rental prices dropped in May for the first time since the start of the COVID-19...